Mathematics
Joseph has a recurring deposit account in a bank for two years at the rate of 8\% per annum simple interest.
The total amount deposited in the bank is:
₹25,000
₹24,000
₹26,000
₹23,000
Banking
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Answer
Given,
P = ₹1000
n = 24 months
Total deposit = P x n
Total deposit = 1000 x 24
Total deposit= ₹24,000
Hence, Option 2 is the correct option.
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